Rubicon Asset Management Limited ABN 39 095 433 720 Level 2 287-289 New South Head Road Edgecliff NSW 2027 P +61 2 9302 2100 F +61 2 9302 2150 ASX RELEASE 1 April 2008 The Manager ASX Limited 20 Bridge Street Sydney NSW 2000 Rubicon Japan Trust (ASX: RJT) – Update on amendments to the NAB facility We refer to the announcement made by Rubicon Japan Trust (RJT) on 25 March 2008. National Australia Bank (NAB), the provider of the revolving A$60m loan facility, has confirmed to RJT that it will extend the loan facility to 30 April 2009 on the following basis: • RJT is to undertake a program of asset sales over the year to reduce the outstanding amount of the facility. Net proceeds of all asset sales are to be applied to reduce the facility with at least $10m of the facility being repaid by 30 September 2008; • All net cash flow is to be held in an account under NAB’s control and to be applied at NAB’s option to either reduce the facility or to be held as cash collateral against the foreign exchange hedging contracts. No distributions to unitholders (including the distribution declared in respect of the period ending 31 December 2007) or interest payments or principal repayments to Rubicon Capital Pty Limited are permitted over this 12 month period; • NAB is able to make margin calls under the foreign exchange hedging contracts, however if RJT has insufficient cash funds available to meet any margin call obligations this will not be an event of default or potential default under the loan facility; and • No further drawings will be permitted under this facility except with NAB’s consent. An up front fee of A$1.2million will be payable. The credit margin on the facility will increase from 275 bps to 400 bps. As foreshadowed in the RJT accounts for the year ended 31 December 2007, JPY4.9bn is required to be repaid to Shinsei on 6 May 2008 and JPY0.7bn is required to be repaid to Credit Suisse on 1 May 2008. Should both the required debt repayment dates of JPY4.9bn due to Shinsei on 6 May 2008 and JPY0.7bn due to Credit Suisse on 1 May 2008 not be extended, this would lead to an event of default. Shinsei and Credit Suisse have been requested to extend their repayment dates to allow sufficient time for an orderly completion of the asset sales program. Documentation of the above amendments to the loan facility is being finalised. Yours sincerely, Company Secretary Rubicon Asset Management Limited as responsible entity for Rubicon Japan Trust For further information, please contact: Gordon Fell, Executive Chairman – Real Estate Ph: (02) 9302 2100 David Swain, Executive Director and Head of Syndication – Real Estate Ph: (02) 9302 2100 About Rubicon Japan Trust (ASX: RJT) RJT manages a portfolio of commercial real estate located in Japan. As at 31 December 2007, RJT owned a ¥115 billion (A$1,182 million) portfolio of 22 properties. For further information about Rubicon or Rubicon Japan Trust, please visit: www.rubiconasset.com.au www.rubiconjapan.com.au
RJT Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
